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Is Your Home Loan In Arrears?

Below We have listed the main causes of mortgage related arrears and financial difficulty

There are many reasons people find themselves with mortgage arrears or default. There are a number of reasons noted below that increase the risk of finding yourself in arrears with your home loan, plus there are other factors that increase the incidence of mortgage default such as capacity to pay (diminishing an ability to meet commitments such as with gambling issues) along with loan type, interest rate and other factors.

Mental incapacity or illness by way of depression, or other illness.

Physical incapacity

Gambling

Loss of a job

Sickness such as cancer or any illness requiring hospitalisation.

Economic changes affecting work and hence income.

Loan factors that affect arrears:

Studies by the RBA (Reserve Bank of Australia) have highlighted contributing factors to home loans going into arrears, and also default. There was found to be contributing factors noted below:

The factors above are important to understand as they assist in analysing the background reasons for home loan arrears. On its own the reasons are simply nice facts, however when included in the mortgage arrears assessment, they provide an effective snapshot to help create a complete loan solution.

If you have got behind on your home loan, then contact us for mortgage arrears advice today.

Vision & Mission of Loan Saver Network

Vision

Loan Saver Network is committed to smarter financial choices for our clients leaving them empowered and creating people and families with direction.

Mission

Loan Saver Networks mission is not only to provide debt help, but to foster financial change. We assist people to move forward from financial mistakes and learning new ways of managing finances, loans and to make better choices. We instil patience, knowledge and making better choices about finances and debt.